FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
1
2
Date
February 14
Note: Enter debits before credits.
3
Received Todd's payment of principal and interest on the note dated December
16.
Record entry
Date
March 02
General Journal
Clear entry
Note: Enter debits before credits.
7
General Journal
10
Debit
Accepted a(n) $7,600,9%, 90-day note in granting a time extension on the
past-due account receivable from Midnight Company.
Credit
View general journal
Debit Credit
>
Midnight Company dishonored its note.
Note: Enter debits before credits.
Date
May 31
Note: Enter debits before credits.
General Journal
Date
September
03
Accepted a(n) $2,250, 60-day, 12% note in granting Noah Carson a time
extension on his past-due account receivable.
Debit
General Journal
Credit
Debit
Credit
Accepted a(n) $8,950, 90-day, 11% note in granting a time extension on the
past-due account receivable of Mulan Company.
Note: Enter debits before credits.
Date
August 07
General Journal
Received payment of principal plus interest from Carson for the September 3
note.
Note: Enter debits before credits.
Date
November
02
Debit Credit
General Journal
Debit Credit
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Transcribed Image Text:1 2 Date February 14 Note: Enter debits before credits. 3 Received Todd's payment of principal and interest on the note dated December 16. Record entry Date March 02 General Journal Clear entry Note: Enter debits before credits. 7 General Journal 10 Debit Accepted a(n) $7,600,9%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. Credit View general journal Debit Credit > Midnight Company dishonored its note. Note: Enter debits before credits. Date May 31 Note: Enter debits before credits. General Journal Date September 03 Accepted a(n) $2,250, 60-day, 12% note in granting Noah Carson a time extension on his past-due account receivable. Debit General Journal Credit Debit Credit Accepted a(n) $8,950, 90-day, 11% note in granting a time extension on the past-due account receivable of Mulan Company. Note: Enter debits before credits. Date August 07 General Journal Received payment of principal plus interest from Carson for the September 3 note. Note: Enter debits before credits. Date November 02 Debit Credit General Journal Debit Credit
Year 1
December 16 Accepted a(n) $11,800, 60-day, 9 note in granting Danny Todd a time extension on his past-due account
receivable.
December 31 Made an adjusting entry to record the accrued interest on the Todd note.
Year 2
February 14 Received Todd's payment of principal and interest on the note dated December 16.
March 2 Accepted a(n) $7,600, 98, 90-day hote in granting a tine extension on the past-due account receivable from
Midnight Company.
March 17 Accepted a $3,000, 30-day, 7 note in granting Ava Privet a time extension on her past-due account
receivable.
April 16 Privet dishonored her note.
May 31 Midnight Company dishonored its note.
August 7 Accepted a(n) $8,950, 90-day, 118 note in granting a tine extension on the past-due account receivable of
Mulan Company.
September 3 Accepted a $2,250, 60-day, 128 note in granting Noah Carson a time extension on his past-due account
receivable.
November 2 Received payment of principal plus interest from Carson for the September 3 note.
November 5 Received payment of principal plus interest from Mulan for the August 7 note.
December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts.
Required:
1-a. First, complete the table below to calculate the interest amount at December 31, Year 1.
1-b. Use the calculated value to prepare your journal entries for Year 1 transactions.
1-c. First, complete the table below to calculate the interest amounts.
1-d. Use those calculated values to prepare your journal entries for Year 2 transactions.
2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge
of receivables?
Received Todd's payment of principal and interest on the note dated December
16.
te: Enter debits before credits.
Date
February 14
Record entry
General Journal
Clear entry
10
Dobit
Credit
>
View general Journal
Accepted a(n) $7,600, 9%, 90-day note in granting a time extension on the
past-due account receivable from Midnight Company.
Midnight Company dishonored its note.
Note: Enter debits before credits.
Date
May 31
General Journal
Debit
Accepted a(n) $3,000, 30-day, 7% note in granting Ava Privet a time
extension on her past-due account receivable.
Note: Enter debits before credits.
Date
March 17
Privet dishonored her note.
Note: Enter debits before credits.
Date
April 16
Credit
General Journal
General Journal
Date
August 07
Note: Enter debits before credits.
Debit
Accepted a(n) $8,950, 90-day, 11% note in granting a time extension on the
past-due account receivable of Mulan Company.
General Journal
Debit Credit
Credit
Debit Credit
expand button
Transcribed Image Text:Year 1 December 16 Accepted a(n) $11,800, 60-day, 9 note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7,600, 98, 90-day hote in granting a tine extension on the past-due account receivable from Midnight Company. March 17 Accepted a $3,000, 30-day, 7 note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $8,950, 90-day, 118 note in granting a tine extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2,250, 60-day, 128 note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Received Todd's payment of principal and interest on the note dated December 16. te: Enter debits before credits. Date February 14 Record entry General Journal Clear entry 10 Dobit Credit > View general Journal Accepted a(n) $7,600, 9%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. Midnight Company dishonored its note. Note: Enter debits before credits. Date May 31 General Journal Debit Accepted a(n) $3,000, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Date March 17 Privet dishonored her note. Note: Enter debits before credits. Date April 16 Credit General Journal General Journal Date August 07 Note: Enter debits before credits. Debit Accepted a(n) $8,950, 90-day, 11% note in granting a time extension on the past-due account receivable of Mulan Company. General Journal Debit Credit Credit Debit Credit
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